Carnival Corporation (CCL) vs Global Business Travel Group, Inc. (GBTG)

Carnival Corporation and Global Business Travel Group, Inc. are both Travel Services companies. Carnival Corporation is the larger, with a market value of $30.1B against $5.0B — 6.1× the size. Carnival Corporation trades at the lower P/E: 9.6× against 55.9×. Global Business Travel Group, Inc. grew revenue faster over the last twelve months: 30.2% against 5.16%. Carnival Corporation has the higher net margin (11.2% vs 2.77%) and the higher return on invested capital (7.83% vs 1.61%). Across the 21 metrics below, Carnival Corporation leads on 14 and Global Business Travel Group, Inc. on 7.

Valuation

Metric CCL GBTG Travel Services median
P/E 9.63 55.88 17.52
P/S 1.13 1.54 2.24
P/B 2.37 2.97 2.61
Price to free cash flow 9.57 47.85 12.40
EV/EBITDA 7.18 20.05 12.77
EV/Sales 1.96 1.85 2.38
Earnings yield 10.38% 1.79% 3.30%
Free cash flow yield 10.45% 2.09% 3.22%

Profitability

Metric CCL GBTG Travel Services median
Gross margin 39.74% 58.50% 67.64%
Operating margin 16.35% 2.14% 15.06%
Net margin 11.23% 2.77% 6.64%
Free cash flow margin 11.77% 3.21% 3.21%
Return on equity 26.69% 6.17% 7.53%
Return on assets 5.93% 1.97% 3.40%
Return on invested capital 7.83% 1.61% 4.65%

Growth

Metric CCL GBTG Travel Services median
Revenue growth (TTM) 5.16% 30.16% 13.25%
EPS growth (last fiscal year) 40.28% 173.33% —
Revenue growth, 5-year CAGR 36.61% 27.94% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CCL GBTG Travel Services median
Debt to equity 1.92 0.92 0.32
Current ratio 0.33 1.20 1.20
Net debt to EBITDA 3.34 3.06 1.07

Dividend

Metric CCL GBTG Travel Services median
Dividend yield 0.22% — —
Payout ratio 0.00 0.00 0.00

Size

Metric CCL GBTG Travel Services median
Market cap 30.10b 4.95b 4.41b

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